Most brighteners work at one point: they slow tyrosinase, the enzyme that builds melanin. Hydroquinone, arbutin, kojic acid and hexylresorcinol all do a version of this.
L'Oreal's claim for Melasyl is that it works one step later. Making melanin is a chain reaction, and it passes through several unstable in-between molecules before finishing as pigment. Melasyl is described as capturing those intermediates - binding to them so they never complete the chain - rather than switching off the enzyme at the start. The company also says it does not interfere with the pigment cells themselves, which is the argument for using it long term and on all skin tones without risking patchy lightening.
Whether that mechanism translates into a visibly better result than a good niacinamide-and-sunscreen routine is the open question. It is a genuinely new molecule with a coherent story behind it, not a repackaged old ingredient, and that is worth something. But nearly all of the published support is generated or funded by L'Oreal, the products always contain other active ingredients as well, and there is no independent head-to-head work putting Melasyl against the established brighteners. Treat the mechanism as a reasonable hypothesis and the marketing figures as marketing.
These are cosmetic formulas built around sensitive skin, and reactions are uncommon.
There is no group that must avoid Melasyl. It is a cosmetic ingredient in mild, fragrance-light formulas, and the safety signals so far are unremarkable.
Avoid it on broken, raw or freshly resurfaced skin until the barrier has recovered.
Anyone with a known allergy to another ingredient in the specific product - these are multi-ingredient formulas, and a reaction is more often to a preservative or a fragrance than to the active.
Pregnancy and breastfeeding: there is no data on Melasyl in pregnancy. That is not a warning, it is an absence. If you want a brightener with real reassurance behind it while pregnant, azelaic acid is the usual choice.
The more useful gate is expectation. If you have moderate or severe melasma, a Melasyl serum is not a substitute for a treatment plan, and buying one instead of seeing someone is how people lose a year.